With the growth of self-employment continuing to arise, over seven out of ten business owners are looking to grow their business instead of the traditional employment. While this has been shown to provide great success, these individuals don’t always have it easy. In fact, 85% of freelancers and entrepreneurs are reported to face challenges in their business.

Here are 4 challenges freelancers & entrepreneurs face today.

Selling Their Business Short

Most independent businesses often have the mentality of working hard today and sell big tomorrow. However, over 50% of business owners say that they are too busy to sell and would focus on other tasks within your business. It is important for business owners to spend at least one day out of the week to prepare new activities like attending industry events, soliciting referrals and even a new email newsletter.

Taking the DIY Approach

While doing it yourself can be inspirational, it is not always a suitable action for your business. Most professionals often find themselves entering new phrases with little experience and an attempt to learn as they go. On the other hand, such approach may lead to a mid-satisfaction without the potential of great. With the low quality of efficiency and expertise, this can ruin your business. Instead, opt to hire an expert for areas you need vital help with.

Being Self-Taught in Management

As a freelancer or business owner, you are not expected to know every single detail and aspect when it comes to a business. However, many owners tend to follow their own method of financial management. It is important to adapt to special habits such as budget maintenance, tax savings, finance reviews, debt reduction, salary, write-offs, and more.

No Means of Security

Small businesses are often less prepared for any sudden financial crises that may arise. With over 48% of owners claiming to be unprepared, almost 40% will suffer and not be able to continue their business. Without a safety net, businesses will limit your potential for growth and forego any opportunities that will require a long-term commitment and investment.

What are your thoughts on these common challenges? Do you find yourself in the same position? Comment below and tell us what you think!